PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1561724
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1561724
The global copper pipes and tubes market was valued at USD 4.53 million in 2021 and is expected to reach USD 6.26 million by 2029, registering a CAGR of 4.12% during the forecast period of 2022-2029. The market is primarily driven by the increasing utilization of copper pipes and tubes in manufacturing non-flammable medical gas devices, plumbing systems, and heat exchanger equipment. The surge in construction activities in developing countries further accelerates market growth. The HVAC segment is expected to grow at the fastest CAGR owing to copper's beneficial qualities such as corrosion resistance, malleability, and energy efficiency.
The market's expansion is also influenced by the increasing demand across end users, driven by the product's benefits, such as ease of handling and non-pyrogenic properties. The growing demand for HVAC systems, expanding oil and gas industry, and rising adoption of solar thermal energy and waste heat recovery systems further boost the market. Additionally, the burgeoning demand for eco-friendly copper pipes and tubes and rising investments in developing and distributing these products create lucrative opportunities for market players.
However, fluctuations in raw material prices and certain disadvantages associated with copper pipes and tubes, such as susceptibility to failure at high water temperatures and condensation issues, pose challenges to market growth. Despite these challenges, the market is poised for steady growth due to ongoing innovations and investments.
Regionally, North America, Europe, Asia-Pacific, and LAMEA are expected to be significant markets, with North America leading due to its established infrastructure and high demand in construction and HVAC applications. Asia-Pacific is anticipated to witness the highest growth rate, driven by rapid urbanization and increasing construction activities.